Qbera offers unsecured easy personal loans for the salaried. Modern day households are finding it increasingly difficult to set aside any kind of money for emergencies. Any eventuality that requires money like hospitalization, medical bills or urgent home repairs is difficult to manage. Thankfully, unsecured easy personal loans are here to save the day. Emergency translates to immediate action and funds. Banks and other financial institutes may not be handy in such situations with their stringent set of rules and procedures. Fintechs like Qbera, on the other hand, are much more effective in such situations.
The key features and criteria for a Qbera loan-
- Unsecured personal loans are extended to salaried individuals with a minimum take home salary of Rs 18,000 and a relaxed income to debt ratio.
- An unsecured easy personal loan does not require any collateral or guarantor.
- These loans carry long repayment tenure ranging from 6 months to 60 months. This long tenure ensures that the monthly EMI is manageable and easy to handle by the applicant.
- To avail the maximum benefit of the long repayment tenure, the age group of 23-55 years is preferred.
- The interest rate charged is strictly regulated and it typically starts at 10.99%. Furthermore, the interest rate on an unsecured easy personal loan can be negotiated if you have a good CIBIL score. The credit score is the single most important criterion used to establish the credibility of an individual. The higher the score, more likely you are to negotiate a better interest rate.
- Banks insist on a CIBIL score of 750 and more, but, a marginally low score of 600 is also considered by Qbera. This is thanks to the advanced risk assessing algorithms used by Fintech lenders which uses the social and economic standing of an individual as well.
These easy personal loans are very easy to apply as well. Being digital the entire process is carried on online with minimal physical documents. To apply, the applicant has to fill up the loan application with personal and employment details that decide the approval or rejection of the application. After the internal qualifying norms are met, the applicant can submit supporting documents like bank statements and pay slips online using secure banking credentials. Some physical documents like Aadhar card, PAN card, salary slips and income statements, bank statements, photographs and post-dated cheques from the salary account are required. These are collected from your doorstep by an executive from Qbera.
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Interest Rate & Other Charges
Interest Rate
|
11.99% to 35.99%
|
Processing Fee
|
1% to 5% of total loan amount
|
Loan Amount
|
₹1,00,000 to ₹15,00,000
|
Loan Tenure
|
12 to 60 months
|
Step 1: Online Application Form
Get approved instantly
Fill out our online application form by answering a few questions about yourself, your employment, your education, expenses and needs. This process would take no longer than 10 minutes.
Step 2: Connect bank account
Submit your bank statements
Connect securely to your bank via netbanking and submit bank statements as part of the easy loan application form. Alternatively, you can upload bank generated pdf bank statements.
Step 3: Loan term
Choose your Loan Term
Using our proprietary Credit Scoring Algorithm we determine your loan eligibility in real-time. Our algorithm uses the information about you, to determine your future potential and help you get the best rate instantly.
Example: A
loan offer of
₹2 lac, for a
tenure of
3 years at an
interest Rate of
16.6% (on a reducing principal) and a
processing fee of
2.5%.
Translates to:
- Processing Fee deduction of ₹5000 (2.5% of 2 Lacs) from loan amount, thus, the amount credited to your account will be ₹1.95 Lacs
- EMI of ₹7091 per month
- Total payable amount in 3 years = 36 times ₹7091 = ₹2,55,276
- Total Interest paid in 3 years = ₹55,276, hence, annual interest paid = ₹18,425 (which translates to an effective flat annual rate of interest of 9.21%)
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